top Ad Widget

Collapse

Announcement

Collapse
No announcement yet.

is buying 2 cars a month before filing a red flag for abuse?

Collapse
X
 
  • Filter
  • Time
  • Show
Clear All
new posts

    is buying 2 cars a month before filing a red flag for abuse?

    Been putting off filing for years. A little over a month ago, we decided to trade in one of our cars for a brand new 2015 model. Our credit scored has been in a steady decline and we thought it might be prudent to make sure we had a new, reliable car. This is the car my wife drive the kids around in.

    I also had a 2010 Hyundai that was unsafe to drive. It needed brakes bad and had body damage. I still owed a year and a half of payments on it. With cash being tight and unable to get the car fixed, on a whim I went to the dealership to see what I could do and ended up buying a used 2013 Hyundai with very low miles for a great price. Was able to trade in my junker and my payments are less than before (albeit now extended another 5 years)

    Then, I just found out at work today that my employer got an order to start garnishing my wages and I just can not afford that so I guess its finally time to file.
    We want to keep our cars and are willing to reaffirm both if necessary.

    But is buying 2 cars, weeks before filing, going to be a huge red flag and screw up our filing?

    #2
    It is not likely to be a problem. People buy cars before filing BK all of the time and I have yet to hear of it becoming an issue. Ask your attorney about this and you will probably get some reassurance.
    LadyInTheRed is in the black!
    Filed Chap 13 April 2010. Discharged May 2015.
    $143,000 in debt discharged for $36,500, including attorneys fees. Money well spent!

    Comment


      #3
      Our atty (MD) recommended that we replace both our older vehicles before we filed but we only replaced one. We filed three years ago.

      Comment


        #4
        Hi.my response is he same as the poster above. My attorney had us buy a new car just prior to filing.
        Filed Chapter 13 - 07/20/12
        Discharged 8/2/16

        Comment

        bottom Ad Widget

        Collapse
        Working...
        X